S.L. 545.9 Art. 3Emergency stocks and the calculation of stockholding obligations.

(1) Economic operators shall carry out any necessary measures as directed by the Regulator in pursuance of the national obligation that the total oil stocks maintained at all times correspond, at the very least, to ninety days of average daily net imports or sixty-one days of average daily inland consumption, whichever of the two quantities is greater. The Regulator may, from time to time, adopt such administrative measures, as it may deem necessary, to ensure the fulfilment of such national obligation. The Regulator shall calculate the total oil stocks which shall be maintained at all times by each economic operator as required by the Regulator to be held by them: Provided that, until the 31st December 2014, the total oil stocks maintained shall at all times correspond, at the very least, to eighty-one days of average daily net imports.

(2) The average daily net imports to be taken into account shall be calculated on the basis of the crude oil equivalent of imports during the previous calendar year, determined in accordance with the method and procedures set out in the First Schedule. The average daily inland consumption to be taken into account shall be calculated on the basis of the crude oil equivalent of inland consumption during the previous calendar year, established and calculated in accordance with the method and procedures set out in the Second Schedule.

(3) Without prejudice to sub-regulation (2), the daily averages of net imports and inland consumption, as referred to in that sub-regulation, shall be determined, as regards the period from 1 January to 30th June of each calendar year, on the basis of the quantities imported or consumed during the last year but one before the calendar year in question.

(4) Notwithstanding any other provision under this regulation, the Minister may decide that part of the oil-stocks to be maintained at all times in pursuance of the national obligation referred to in sub-regulation (1), are to be maintained by Government, under such conditions which shall be communicated to the Regulator.